Thursday, February 6, 2025
Market Recap
- Indices: The Sensex declined by 0.40%, closing at 78,271.28 points. The Nifty 50 also dipped by 0.18%, ending at 23,696.30.
- Sector Highlights:
- Energy Gains: ONGC’s upgraded production outlook led to a rise in its stock price. BPCL and HPCL also saw gains after rating upgrades from Goldman Sachs.
- Consumer Decline: Asian Paints fell by 3.38% to ₹2,275.65, underperforming the market.
- FIIs turned net sellers again: Foreign portfolio investors turned net sellers of Indian equities on Wednesday after a session of buying on Tuesday as they sold stocks worth approximately Rs 1,682.8 crore.
Technical Outlook
- Nifty’s Trajectory: Technically charts suggest that Nifty may target 24,050 in the near term, with support at 23,500, indicated by significant put writing at that level.
- As it’s Thursday today, Nifty could be volatile. A good move above 23800 could lead Nifty to 24000. And Nifty could test 23350, if it breaks below 23600.
Global Insights
- US Market Movement: Wall Street exhibited mixed results, with investors analyzing recent earnings reports and economic data.
Looking Ahead
- RBI Policy Meeting: Market is keenly awaiting the outcomes of the Reserve Bank of India’s policy meeting, with expectations of a potential rate cut influencing market sentiment. The meeting will conclude on Friday, 7th February.
Stay informed with Market Mint for your daily market updates. Happy Trading!
-Team Market Mint
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